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The Iliou persis was probably composed in the seventh century BCE, but there is much uncertainty. Ancient sources date Arctinus to the eighth century, but evidence concerning another of his poems, the Aethiopis, suggests that he lived considerably later than that.

Only ten lines of the original text of the Iliou persis survive. For its storyline we are almost entirely dependent on a summary of the Cyclic epics contained in the Chrestomathy written by an unknown "Proclus" (possibly to be identified with the 2nd century CE grammarian Eutychius Proclus). A few other references give indications of the poem's storyline. A further impression of the poem's content may be gained from book 2 of Virgil's Aeneid (written many centuries after the Iliou persis), which tells the story from a Trojan point of view.

Note that different sources record some details differently: for example the manner of Aeneas' departure from Troy, or the identity of Astyanax's killer. The version told here specifically follows what is known of the early epic poem, rather than any other source.

The poem opens with the Trojans discussing what to do with the wooden horse which the Greeks have left behind. Cassandra and Laocoön proclaim that there is an armed force of Greeks inside, but others say it is a holy relic of Athena. The latter opinion prevails, and the Trojans celebrate their apparent victory. The god Poseidon, meanwhile, sends an ill omen of two snakes which kill Laocoön and his sons; seeing this, Aeneas and his men leave Troy in anticipation of what is to come.

When night comes, the Greek warriors inside the horse emerge, and open the city gates to let in the Greek army, which has sailed back from Tenedos. The Trojans are massacred, and the Greeks set fire to the city.